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Buckley, Karaguishiyeva, Van Order, and Vecvagare analyze the structure of approaches to mortgage credit risk that are now being used in a number of OECD and transition economies. The authors' basic approach is to show how option pricing models can help measure and evaluate the risks of various schemes. They find that * Mortgage default insurance can be a cost-effective tool for both improving housing affordability and efficiently addressing some of the rationing that characterizes this market. When correctly structured, as it is in a number of transition and market countries, this kind of program can be expected to reduce nonprice rationing at an actuarially fair price. At the same time, considerable care must be exercised in the development of such instruments. * Geographical risk diversification, particularly across borders, can play a major role in the success of these programs. Such diversification could be important not only in smaller transition economies but in EU countries as well. This paper--a product of the Urban Unit, Transport and Urban Development Department--is part of a larger effort in the department to study low-income housing.

Mortgage guarantee insurance.

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As England's Industrial Revolution started the process of urbanization that has since characterized development throughout the world, a poet worried about the ""dark satanic mills"" that were such a fundamental part of this revolution. However, despite his misgivings, he also suggested that it was necessary for societies to arm themselves with ""chariots of fire"" and other weapons so that they could master this process. In a somewhat more prosaic poetic vein World Bank President Robert McNamara launched the bank's shelter assistance programs saying that 'If cities do not begin to deal more co

Sociology of environment --- Social policy --- Economic infrastructure --- Development aid. Development cooperation --- World Bank --- Housing --- Economic assistance --- Finance. --- Világbank --- Banque internationale pour la reconstruction et le développement --- Mezhdunarodnyĭ bank dli︠a︡ rekonstrukt︠s︡ii i razvitii︠a︡ --- MBRR --- Sekai Ginkō --- Kokusai Fukkō Kaihatsu Ginkō --- Kukche Puhŭng Kaebal Ŭnhaeng --- Segye Ŭnhaeng --- IBRD --- Welt Bank --- Weltbank --- Banque mondiale --- Internationale Bank für Wiederaufbau und Entwicklung --- Banco Internacional de Reconstrucción y Fomento --- Banco Mundial --- B.I.R.D. --- BIRD --- Banca Internațională pentru Reconstrucție și Dezvoltare --- Mirovoĭ Bank --- Svitovyĭ Bank --- Svitovyĭ bank rekonstrukt︠s︡iï i rozvytku --- Verdensbanken --- Międzynarodowy Bank Rozwoju i Odbudowy --- Bank al-Dawlī lil-Inshāʼ wa-al-Taʻmīr --- Bank al-Dawlī --- Världsbanken --- Banca ricostruzione e sviluppo --- Banca di ricostruzione e sviluppo --- BIRF --- I.B.R.D. --- B.I.R.F. --- Shih chieh yin hang --- Shi jie yin hang --- International Bank for Reconstruction and Development --- World Bank Group. World Bank --- Thanākhān Lōk --- Bank Światowy --- Viśva Baiṅka --- Lōka Băṅkuva --- Ngân hàng Thế giới --- Vsemirnyĭ Bank --- Bank Dunia --- Msopʻlio Bankis --- Banca Mondială --- BM --- Prapañca Byāṅku --- Banca mondiale --- Banca internazionale per la ricostruzione e lo sviluppo --- Dhanāgār Bibhab Lok --- البنك الدولي --- بنك الدولي --- 世界銀行 --- 世界银行 --- 国際復興開発銀行 --- Dėlkhiĭn Bank --- Дэлхийн Банк --- Hamashkharhayin Banki --- Svetska Banka --- Wereldbank --- Internationale bank voor herstel en ontwikkeling

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Zonder onderwerpscode: wereldeconomie, ontwikkelingsproblematiek

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Elderly poor --- Housing --- Poor older people

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"In 1986 the World Bank prepared a strategy for low-income housing in developing countries. This work grew out of the Bank's efforts to support the urban poor through an extensive housing assistance program that was launched by Bank President McNamara's speech on urban poverty. By that time, the Bank had provided more than USD 4 billion of such assistance, and had undertaken an extensive research effort to design support for that lending. Much has changed since that time, not only in the way the Bank provides shelter assistance, more than doubling its support since that review, but also in the changing consensus as to what shelter strategy should be. Buckley and Kalarickal review the emerging consensus. They examine three new research areas: the empirical analysis of the effects policy has on housing supply; the richer understanding of the effects that land market regulations have on specific projects and on the functioning of urban areas; and the alleged mysterious effects that de Soto, for example, claims that effective property rights have not only for shelter policy but for development more generally. The authors also examine the emergence of both a new financial innovation, micro-enterprise finance, and the increased emphasis given to project design based on community participation, showing how these approaches more fully reconcile the incentives faced by beneficiaries and donors. In sum, the authors argue that the evolving consensus on shelter strategy is not nearly as mysterious as some would claim. Housing markets in most developing countries remain highly idiosyncratic and constrained. Nevertheless, the evolving consensus on shelter strategy appears to recognize these idiosyncrasies and policy constraints as evidenced by the strong and improving performance of the Bank's shelter lending. This paper--a product of the Urban Unit, Transport and Urban Development Department--is part of a larger effort in the department to evaluate the lessons from 30 years of urban shelter loans"--World Bank web site.

Housing policy